topic Re: CSP/CSR + Freedom + Checking? in Credit Cards

CSP/CSR + Freedom + Checking?

Anonymous — Wed, 18 Apr 2012 00:44:02 GMT

Was reading about this here: http://ficoforums.myfico.com/t5/Credit-Cards/sapphire-vs-freedom/td-p/1342787 and am hoping someone can explain it to me in simplest terms possible.

What is there to gain by having all three? Are there fees associated with a Chase Checking account and is there a minimum amount you need to deposit to open and keep it open?

Re: CSP + Freedom + Checking?

Anonymous — Wed, 18 Apr 2012 00:46:00 GMT

@Anonymous wrote:
Was reading about this here: http://ficoforums.myfico.com/t5/Credit-Cards/sapphire-vs-freedom/td-p/1342787 and am hoping someone can explain it to me in simplest terms possible.

What is there to gain by having all three? Are there fees associated with a Chase Checking account and is there a minimum amount you need to deposit to open and keep it open?

From what I understand, this is a way to maximize Ultimate Reward points. Freedom gives your 5% rotating categories. Sapphire Preferred gives you better rewards on certain categories. If you have Chase Chekcing, you get extra points each time your swipe. That's the deal.

In MA, I can't get Chase Checking, but, I'm looking into getting a Sapphire Preferred in addition to my Freedom one reason.

I can transfer freedom UR points into Sapphire Preferred account and then transfer the points into Airline partners for miles.

Re: CSP/CSR + Freedom + Checking?

nick125 — Wed, 18 Apr 2012 00:48:21 GMT

The biggest gain comes from a few things.

If you have the CSP, you can transfer points from Ultimate Rewards to frequent flyer and other partner programs, making the points worth signficantly more than if you were to redeem them for cash (the value I keep hearing is somewhere around 1.5-2+ cents/point). If you have the Freedom card, you can use the 5% revolving categories and then transfer the points from Freedom to the CSP. In addition, on the Freedom, if you have a Chase checking account, you get an additional 10% in points (making the 1% cashback now 1.1%) and an extra 10 points per transaction.

I believe that Chase's fees may depend on what state you're in. Usually, they require a direct deposit of ~$500 monthly or a minimum monthly balance of $1,500 to keep the account fee-free.

Re: CSP + Freedom + Checking?

Anonymous — Wed, 18 Apr 2012 01:01:34 GMT

@Anonymous wrote:
@Anonymous wrote:
Was reading about this here: http://ficoforums.myfico.com/t5/Credit-Cards/sapphire-vs-freedom/td-p/1342787 and am hoping someone can explain it to me in simplest terms possible.

What is there to gain by having all three? Are there fees associated with a Chase Checking account and is there a minimum amount you need to deposit to open and keep it open?
From what I understand, this is a way to maximize Ultimate Reward points. Freedom gives your 5% rotating categories. Sapphire Preferred gives you better rewards on certain categories. If you have Chase Chekcing, you get extra points each time your swipe. That's the deal.

In MA, I can't get Chase Checking, but, I'm looking into getting a Sapphire Preferred in addition to my Freedom one reason.

I can transfer freedom UR points into Sapphire Preferred account and then transfer the points into Airline partners for miles.

Thanks. Do you know if the rewards for Sapphire preferred are different (better) than the regular Sapphire?

Re: CSP + Freedom + Checking?

Anonymous — Wed, 18 Apr 2012 01:03:12 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Was reading about this here: http://ficoforums.myfico.com/t5/Credit-Cards/sapphire-vs-freedom/td-p/1342787 and am hoping someone can explain it to me in simplest terms possible.

What is there to gain by having all three? Are there fees associated with a Chase Checking account and is there a minimum amount you need to deposit to open and keep it open?
From what I understand, this is a way to maximize Ultimate Reward points. Freedom gives your 5% rotating categories. Sapphire Preferred gives you better rewards on certain categories. If you have Chase Chekcing, you get extra points each time your swipe. That's the deal.

In MA, I can't get Chase Checking, but, I'm looking into getting a Sapphire Preferred in addition to my Freedom one reason.

I can transfer freedom UR points into Sapphire Preferred account and then transfer the points into Airline partners for miles.

Thanks. Do you know if the rewards for Sapphire preferred are different (better) than the regular Sapphire?

Only tangible difference that I can tell is the CSP points can be transferred for airline miles. But, if you have freedom or other cards that earn reward points, they can be transferred to your SCP account.

Re: CSP + Freedom + Checking?

nick125 — Wed, 18 Apr 2012 01:32:33 GMT

@Anonymous wrote:
@Anonymous wrote:
Thanks. Do you know if the rewards for Sapphire preferred are different (better) than the regular Sapphire?
Only tangible difference that I can tell is the CSP points can be transferred for airline miles. But, if you have freedom or other cards that earn reward points, they can be transferred to your SCP account.

The other difference is that the CSP gets the 7% dividend on points earned -- although, I think that only applies for points earned on the CSP, not points transferred in from Freedom.

Re: CSP + Freedom + Checking?

SamsungHDTV — Wed, 18 Apr 2012 01:33:38 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Was reading about this here: http://ficoforums.myfico.com/t5/Credit-Cards/sapphire-vs-freedom/td-p/1342787 and am hoping someone can explain it to me in simplest terms possible.

What is there to gain by having all three? Are there fees associated with a Chase Checking account and is there a minimum amount you need to deposit to open and keep it open?
From what I understand, this is a way to maximize Ultimate Reward points. Freedom gives your 5% rotating categories. Sapphire Preferred gives you better rewards on certain categories. If you have Chase Chekcing, you get extra points each time your swipe. That's the deal.

In MA, I can't get Chase Checking, but, I'm looking into getting a Sapphire Preferred in addition to my Freedom one reason.

I can transfer freedom UR points into Sapphire Preferred account and then transfer the points into Airline partners for miles.

Thanks. Do you know if the rewards for Sapphire preferred are different (better) than the regular Sapphire?
Only tangible difference that I can tell is the CSP points can be transferred for airline miles. But, if you have freedom or other cards that earn reward points, they can be transferred to your SCP account.

1. transfer for airline miles

2. 2 points per $1 on travel and restaurant on CSP vs just restaurant on regular sapphire.

3. Points worth more on travel using UR website for CSP not regular sapphire

4. 7% dividend on CSP not regular sapphire

5. No foreign transaction fees on CSP not regular sapphire

6. Sign up bonus is a lot better on CSP given you can spend $3000 in 3 months. (40K points vs 10K points) That's 4 years of AFs + the free first year they give you.

7. All that for $95 AF. Is it worth it? It really depends how much money you will be pushing through the card. Calculate what your spending is, and do the math on the two card reward system. See if it pays the 95$ AF.

Re: CSP + Freedom + Checking?

Anonymous — Wed, 18 Apr 2012 01:34:36 GMT

@nick125 wrote:

@Anonymous wrote:
@Anonymous wrote:
Thanks. Do you know if the rewards for Sapphire preferred are different (better) than the regular Sapphire?
Only tangible difference that I can tell is the CSP points can be transferred for airline miles. But, if you have freedom or other cards that earn reward points, they can be transferred to your SCP account.
The other difference is that the CSP gets the 7% dividend on points earned -- although, I think that only applies for points earned on the CSP, not points transferred in from Freedom.

Yes. That is true. althought 7% on an 1% reward is 0.07% reward. It's is a benefit, but nothing staggering.

Re: CSP + Freedom + Checking?

Anonymous — Wed, 18 Apr 2012 02:05:40 GMT

Thanks for all the info everyone. I certainly would not make enough use of the services/extra bonuses to justify the $95 AF. Is it still worth it with the regular Sapphire? Lately I've been using Freedom/Forward/BCE on specific categories, but it seems that Freedom + CSP is quite a bit better.

Re: CSP + Freedom + Checking?

clocktick — Wed, 18 Apr 2012 02:10:01 GMT

This is on my list to have this combo. There's a Chase in my town and all I need is the CSP. I have the United Explorer card so combining all the points seems as if it would be really beneficial. Open123 knows a lot about this specifically.

Re: CSP + Freedom + Checking?

SamsungHDTV — Wed, 18 Apr 2012 03:37:17 GMT

@Anonymous wrote:
@nick125 wrote:

@Anonymous wrote:
@Anonymous wrote:
Thanks. Do you know if the rewards for Sapphire preferred are different (better) than the regular Sapphire?
Only tangible difference that I can tell is the CSP points can be transferred for airline miles. But, if you have freedom or other cards that earn reward points, they can be transferred to your SCP account.
The other difference is that the CSP gets the 7% dividend on points earned -- although, I think that only applies for points earned on the CSP, not points transferred in from Freedom.
Yes. That is true. althought 7% on an 1% reward is 0.07% reward. It's is a benefit, but nothing staggering.

Correct for a net yield of 1.07% reward on "all other purchases" on CSP. And on travel and restaurant the CSP yields 2.14% reward. But remember if you are using the CSP + Freedom + Checking combo correctly, "all other purchases" should be put on the Freedom card which yields 1.1% reward + 10 points net per transaction. But there is an exception to using Freedom over CSP on restaurant purchases, I'll explained below.

Where the freedom excels is small purchases and is uber for purchases $10 or less. Here's a few examples:

1. Spend $10, earn 21 points. How: $10 points gets 11 points + 10 points per transaction. 21 points is 21 cents which is 2.1% on a $10 purchase.

2. Here's the exception mentioned above: Spend $9, earn 19.9 points. How: $9 gets 9.9 points + 10 points per transaction. 19.9 points is 19.9 cents which is 2.21% on a $9 purchase. Freedom 2.21% (all other purchases) > CSP 2.14% (at restaurants). Imagine a to-go order for one or lunch? Anything less than $9 purchase yields a higher % reward!!

3. Last example: Spend $1 on a catagory purchase that earns 5% cash back, earn 15.5 points. Without doing the full breakdown again 15.5 cents on a 1 dollar purchase is 15.5%!!

Another great option: Transfer to a participating airline frequent flier program. Use your CSP abroad to save the foreign transaction fee. Boom. I need this combo. I should post this on a separate thread.

Re: CSP + Freedom + Checking?

Anonymous — Wed, 18 Apr 2012 03:56:23 GMT

I have the Checking/Freedom combo. I'll pass on the CSP for now.

I have the AMEX BCE. Had I not chosen AMEX, I definitely would have gone for the CSP.

The Checking/Freedom combo alone is well worth it, even if you don't get the CSP.

The annual fee is easily achievable, specially if you dine out quite a bit... I like to keep it simple.

I have the Hyatt VISA as well, so I don't worry about the forex's when it comes to that.

If it weren't for the combo, I'd nix the Freedom. It's really the lowest CL I have, but it's the one I use the most... go figure.

Re: CSP + Freedom + Checking?

WhiteCollar — Thu, 14 Jun 2012 21:28:55 GMT

I have Chase checking, recently did a product change from Chase Freedom Visa to CSP. I also have a Southwest Signature visa which irrelevant in regards to the Chase trifecta. I want to know can I accumulate rewards points with the checking/CSP combo or do I need the Freedom card as well?

Re: CSP/CSR + Freedom + Checking?

kevinjjc — Fri, 15 Jun 2012 02:03:00 GMT

The Chase trifecta requires 3 elements: checking, Freedom, & CSP.

Re: CSP/CSR + Freedom + Checking?

WhiteCollar — Fri, 15 Jun 2012 02:15:11 GMT

Thanks! I really did not like the Freedom card. I may reapply eventually to maximize the trifecta benefits.

Re: CSP + Freedom + Checking?

Anonymous — Fri, 15 Jun 2012 03:33:28 GMT

@PrettyNPink wrote:
I have Chase checking, recently did a product change from Chase Freedom Visa to CSP. I also have a Southwest Signature visa which irrelevant in regards to the Chase trifecta. I want to know can I accumulate rewards points with the checking/CSP combo or do I need the Freedom card as well?

Why did you PC from Freedom to CSP? Don't you forfeit any possible CSP sign-up bonus? And the Freedom has no AF to begin with. Just curious what you didn't like about the Freedom card..

Chase Checking and CSP do not synergize in any way. Chase Checking + Freedom gives you the 10 & 10 bonus. The CSP comes into play because you can transfer points to airline/hotel partners at a 1:1 ratio. Southwest is one of those partners, so in a way it is relevant that you have a Chase Southwest card.

Re: CSP + Freedom + Checking?

WhiteCollar — Fri, 15 Jun 2012 03:54:15 GMT

The APR on my Freedom was too high and Chase was not willing to lower it. I travel for work so the CSP comes is handy for that, my expenses are reimbursed. The AF for the CSP is waived for the first year. Note, Chase it not my primary checking account so I really don't use it much. It's a free account so why not? The perks associated with the CSP were just too good to pass up and I received 50k bonus point which equates to $625 when booking through UR. I can also transfer points from other airlines which is nice!

Re: CSP + Freedom + Checking?

Anonymous — Fri, 15 Jun 2012 15:17:29 GMT

Oh nice, I didn't think your could get sign-up bonuses from a PC.